CLEARWATER, Fla. - (Business Wire) Aerosonic Corporation (AMEX:AIM), a leading supplier of precision flight products for commercial, business and military aircraft, announced that today it filed its quarterly report on Form 10-Q for the quarter ended May 2, 2008, with the United States Securities and Exchange Commission.
| | Three Months Ended |
| | May 2, 2008 | | April 27, 2007 |
| Revenues | | $ | 6,651,000 | | | $ | 6,825,000 |
| Net (loss) income | | $ | (236,000 | ) | | $ | 62,000 |
| (Loss) Earnings per share | | | | |
| Basic and diluted | | $ | (0.07 | ) | | $ | 0.02 |
For the fiscal quarter ended May 2, 2008, the Company reported revenues of approximately $6.7 million, down 2.5% as compared to revenues of approximately $6.8 million for the fiscal quarter ended April 27, 2007. This decrease compared to last year was primarily attributed to consolidation of the Earlysville, Virginia facilities with the Florida location.
The Company reported a net loss for the quarter ended May 2, 2008 of approximately $236,000, or ($0.07) basic and diluted earnings per share, versus a net profit of approximately $62,000, or $0.02 basic and diluted earnings per share for the quarter ended April 27, 2007. This decrease was the result of lower revenue and gross profits driven primarily by the constriction of production capacity during the cross training required by the consolidation of Earlysville, Virginia.
"Our first quarter of FY09 was difficult, but still a step in the right direction,” stated Douglas Hillman, President and CEO. He continued, “Revenue increased by 13% over prior quarter, as we made progress in our Florida consolidation and production ramp-up and as our delivery execution improves we are gaining financial momentum as well. Profitability was still negative, but only a loss of $0.07 per share versus prior quarter’s loss of $0.43 per share.”
“During the last month of the quarter, we began implementing a new management operating system, raising the level of coordination within the company and with our customers. We have also reached out to our customers and our suppliers, explaining our difficulties and working with them as we chart our path forward. Most of them have been extremely supportive, resetting expectations and even lending help. The collaboration has been timely and rewarding, but not surprising given the success orientation in this industry.”
“Going forward we will follow through on the work and changes we described in our annual filing, with a particular focus on meeting our customer commitments and we expect the financial results to follow accordingly,” commented Mr. Hillman.
Aerosonic Corporation, headquartered in Clearwater, Florida, is principally engaged in the manufacture of aviation products. Locations of the Company include Clearwater, Florida and Earlysville, Virginia. For additional information, visit the Company’s website at www.aerosonic.com.
This document contains statements that constitute "forward-looking" statements within the meaning of the Securities Act of 1933 and the Securities Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. "Forward-looking" statements contained in this document include the intent, belief or current expectations of the Company and its senior management team with respect to future actions by officers and directors of the Company, prospects of the Company's operations, profits from future operations, overall future business prospects and long term stockholder value, as well as the assumptions upon which such statements are based.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors that could cause actual results to differ materially from those contemplated by the forward-looking statements in this document include, but are not limited to, adverse developments involving operations of the Company's business units, failure to meet operating objectives or to execute the business plan, and the failure to reach revenue or profit projections. The Company undertakes no obligation to update or revise the forward-looking statements contained in this document to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time.
Aerosonic Corporation, Clearwater
Charles Pope, 727-461-3000
